Toumaz in join venture with CCE to market Sensium Digital Plaster
30 July 2011
Oxford-based Toumaz Limited has established a new joint venture with California Capital Equity LLC (CCE), to
expand the commercialisation and distribution of the Sensium Digital
Plaster.
The joint venture, which is named Toumaz US LLC, will be
headquartered in San Diego, California, and will sell and distribute the
Sensium Digital Plaster in North America and Worldwide. It has received
510(k) approval from the US FDA.
The Sensium Digital Plaster is an, ultra-small, ultra-low power
wireless body-worn monitor that continuously and unobtrusively acquires
high-quality vital signs data, including temperature, heart rate and
respiration rate. The current Sensium Digital Plaster is targeted for
use in hospital general ward environments. It also has the potential to
be extended into tele-care, chronic disease monitoring, community care
settings and the home, where continuous or extended monitoring of
patients is important.
Dr Patrick Soon-Shiong, Chief Executive of California Capital Equity
said: "Without a doubt, wireless is the future of healthcare. Wireless
technology is the key to bringing quality healthcare to everybody,
wherever they may be, in real time. Toumaz's ultra-low power technology
is going to be a vital element in this, and our joint venture opens up
exciting prospects."
Professor Chris Toumazou, Toumaz
Limited Chief Executive, said: "We are very excited to be working
closely with Dr Patrick Soon-Shiong. We share his vision of building a
better healthcare system by enabling remote patient monitoring. Dr
Patrick Soon-Shiong and his team bring considerable expertise in the
development and distribution of medical devices and technology in the
US.
"The extent of Dr Patrick Soon-Shiong’s involvement in this venture
illustrates the potential of the wireless healthcare market and our
compelling proposition.” He added: “We are pleased to be taking this
project forward from the solid technical and commercial base that has
been established. We are confident, given the disruptive nature of our
technology, that launching Toumaz US as a specialist vehicle is the most
effective way to bring the Sensium Digital Plaster to the global
market.”
Under the terms of the new partnership, California Capital Equity
will provide up to $25M funding to the company over the next two years
and will own 80% of the equity. The remaining 20% will be held by Toumaz
Limited.
Toumaz Limited will also receive both product and royalty revenues
from the joint venture as it commercialises the Sensium Digital
Plaster.
Toumaz Limited and its previous strategic partner have worked closely
to develop and refine the Sensium Digital Plaster over a number of
years. As part of the agreement, the previous strategic partner is
transferring to Toumaz Limited all relevant IP, product design, clinical
trial data, regulatory and FDA documentation as well as sharing supplier
relationships with Toumaz Limited for use in the new joint venture.
Toumaz Limited CEO Professor Chris Toumazou will join the Board of
the new Toumaz US as Vice-Chairman, and Dr Patrick Soon-Shiong will
serve as Chairman. In February 2011, Toumaz Limited announced that
California Capital Equity LLC had made a strategic investment in the
Group to develop Sensium technology for consumer healthcare
applications. Toumaz Limited issued 14,563,142 shares to CCE at 8.83p
per share, representing a stake of 2.46% in the group.